Cement Giants Fined 6,700 Crore For Cartelisation

Mumbai: The Competition Commission of India (CCI) has imposed a 63.2 billion rupee ($944 million) fine on 10 cement companies and a trade body for price fixing, the Ministry of Corporate Affairs said a statement.

The order issued by the anti-trust regulator held the companies and the Cement Manufacturers Association (CMA) responsible for “acting in concert in fixing prices of cement”.

The companies and the CMA shared details relating to prices, capacity utilisation, production and dispatch which led to restricted production and supplies in the market hurting consumers and the Indian economy, the order said.